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Thinking about buying a condo in Florida? Whether you’re a buyer, agent, broker, seller, or investor, it’s critical to understand the legal and financial risks—especially with Florida’s new condo laws now in effect. Missing key documents, inspection reports, or disclosures can lead to unexpected costs, financing delays, or even a failed closing. In this blog, we break down the required documents, updated Condo Rider rules, and must-know due diligence tips to help you protect your investment and avoid costly surprises.
🔍 Refined “What Are the Condo Docs?” Transition Line
Condo documents—or “condo docs”—are required legal disclosures that give buyers a full picture of how the condominium is governed, what rules and fees apply, and what potential liabilities exist. They include governing documents, budgets, insurance information, and reports on the building’s financial and structural health. Florida law requires the Seller to provide these early in the process.
(As outlined in Condo Rider CR-7 Rev. 06/2025, sections 5(a) and 5(b))
The Seller is responsible for providing these documents to the Buyer. As of July 1, 2025, the Buyer has 7 business days to review them and may cancel the contract within that timeframe if they find something they’re not comfortable with.
Required Condo Docs:
- Declaration of Condominium (Declaración de Condominio)
- Articles of Incorporation of the Association (Estatutos de Constitución)
- Bylaws of the Association (Reglamento Interno)
- Rules and Regulations (Normas de la Asociación)
- Most Recent Financial Statements and Annual Budget (Estados Financieros y Presupuesto)
- Frequently Asked Questions and Answers (FAQ) document (Preguntas Frecuentes)
- Governance Form (Formulario de Gobierno)
📌 If the Seller doesn’t have a full copy, the Association may charge a fee to provide the documents.
🏗️ What’s New as of 2024–2025?
As of December 2024, the Condo Rider also requires the Seller to provide:
- Milestone Inspection Report (required for buildings 3 stories+ and 30+ years old)
- Structural Integrity Reserve Study (SIRS)
- Turnover Report (if control of the condo has shifted from the developer to the owners)
As of July 1, 2025, Buyers may also request:
- Board meeting minutes and agendas (last 12 months)
- Association member meeting minutes and agendas
- Unit owner notices
- Insurance declaration page (important for lenders)
The Buyer still has 7 business days to review all of the above from the date they are received and can cancel within that period.
💰 Special Assessments: Who Pays?
(Based on Condo Rider CR-7 Rev. 06/2025, Paragraph 3(c))
Condominium associations can impose special or additional assessments to cover major repairs, upgrades, or funding shortfalls. Whether the Buyer or Seller pays depends on when the assessment was levied and what is agreed upon in the contract.
Here’s a breakdown:
🗓️ 1. If the Assessment Was Levied Before the Effective Date:
- The party selected in the contract—either Buyer or Seller—must pay it in full at or before closing.
- If no box is checked, the default is that the Seller pays.
🗓️ 2. If the Assessment Is Levied After the Effective Date but Before Closing:
- The selected party is responsible for full payment before or at closing.
- If left blank, the Seller pays by default.
💸 3. If the Assessment Can Be Paid in Installments:
- Seller must pay all installments due on or before the Closing Date.
- Remaining installments due after closing are paid by the Buyer or Seller, depending on the selection in the contract.
- If no box is checked, the Buyer is responsible by default.
- Important: If the Association does not allow the Buyer to assume future installments, then the Seller must pay the full amount before or at closing—regardless of the contract selection.
📅 4. When Is an Assessment Considered “Levied”?
- An assessment is officially “levied” when it has been approved in accordance with Florida law and the condo’s governing documents.
📣 Seller Disclosure Obligation:
- The Seller must disclose any special assessments that have been levied or even discussed at Board meetings during the past 12 months, including the purpose and amount, if known.
🔎 Buyer’s Due Diligence Responsibility
While Sellers are required to disclose known assessments, Buyers are ultimately responsible for discovering any pending or discussed assessments during their due diligence period. This is why it is critical that Buyers obtain and review the last 12 months of Board and Member meeting minutes and agendas, where upcoming or proposed assessments are often discussed before they are officially levied.
Failing to uncover this information could result in unexpected financial obligations after closing— and very likely with no practical recourse against the Seller. (Buyers should always seek legal counsel on contracts and addenda language.)
🔎 Buyer’s Due Diligence Checklist
Here’s what smart buyers (and their agents) should investigate during the inspection period:
💵 Financial Health of the Association
Understanding the financial condition of the condominium association is critical to assessing the long-term affordability and risk of owning in the building. Ask the following:
- Are there adequate reserves? If so, how much is currently available, and how does this compare to the estimated cost of upcoming capital repairs?
- Are there pending or planned special assessments? Buyers should carefully review the minutes and agendas of recent Board and Member meetings (12 months) to identify potential risks.
- What do the financial statements and annual budget reveal about the Association’s cash flow and operating health?
- Are there required repairs identified in the Milestone Inspection Report (MIR) or Structural Integrity Reserve Study (SIRS)? What is the estimated cost?
- If there are upcoming repairs, does the Association provide a Sufficient Funds Affidavit, affirming that there is enough money to complete the work without additional special assessments?
🏗️ Building Repairs & Safety
Repairs and structural issues in condo buildings can lead to unexpected assessments or risks. Review the following:
- What kind of repair or maintenance work is currently underway or planned in the building’s common elements?
- Are any of the repairs required by county-mandated recertifications, or are they identified in the MIR or SIRS?
- How will the repairs be funded: through existing reserves, a budgeted line item, or special assessments already in place?
- Has the cost of repairs been confirmed, and is there a risk of additional future assessments?
🚗 Parking, Storage & Common Elements
Parking and storage rights can vary widely and may not automatically transfer with the unit.
- What parking spaces and storage units, if any, are included with the unit?
- Are the spaces assigned to the unit or reassigned at Closing?
- Does the condo association have the spaces and units correctly recorded in its database?
- Does the Seller currently use and possess the parking or storage spaces being advertised?
You can download a sample receipt of condominium documents by clicking here.